06-09-2005, 09:02 PM
Any thing that comes in through your personal sources, as in a partnership should go to your / Owner's Capital account, so I reckon it should go as
Dr. Furniture £500
Cr. Owner's capital account £500
This will actually be part of the Equity,
If I understand correctly, you have a limited company in which case you may already have a share capital in. So an option would be to Credit yourself on a current account, and perhaps nil that out since you now have a biz account
Dr. Furniture £500
Cr. Owner's current account £500
Dr. Owner's current account £500
Cr. Biz Bank account £500.
(In this case you will be writing out a personal cheque to yourself and drawing out the £500 back to you)
I am not sure if this will have any tax implications, as long as you keep the VAT receipts to you purcahse of the desk.
Since you may have registered with a minimum capital (through a bank balance for biz purposes) you may have already done a double entry for the inclusion of the capital as
Dr. Biz Bank account £ 5,000 (say)
Cr. Share Capital £ 5,000
Dr. Furniture £500
Cr. Owner's capital account £500
This will actually be part of the Equity,
If I understand correctly, you have a limited company in which case you may already have a share capital in. So an option would be to Credit yourself on a current account, and perhaps nil that out since you now have a biz account
Dr. Furniture £500
Cr. Owner's current account £500
Dr. Owner's current account £500
Cr. Biz Bank account £500.
(In this case you will be writing out a personal cheque to yourself and drawing out the £500 back to you)
I am not sure if this will have any tax implications, as long as you keep the VAT receipts to you purcahse of the desk.
Since you may have registered with a minimum capital (through a bank balance for biz purposes) you may have already done a double entry for the inclusion of the capital as
Dr. Biz Bank account £ 5,000 (say)
Cr. Share Capital £ 5,000
